Taiwan to gain in ECFA

In a briefing to the Legislative Yuan yesterday, Shih stressed that the benefits to be gained by Taiwan companies will far outweigh those for their Chinese counterparts in accordance with the “early harvest” list of the economic cooperation framework agreement (ECFA) to be signed with China.

He said the number of Taiwan-made items to be included in the list is twice that of Chinese products.

But the total sales value of eligible Taiwan products that may gain wider access to the Chinese market is four times the US$3 billion for Chinese products with improved competitive advantage on the Taiwan market, he emphasized.

According to government statistics, Taiwan exported US$62 billion worth of products to China in 2009 while imports from there reached US$24.5 billion.

The categories of Taiwan products on the list fall in three major categories, said Minister Shih.

The first category covers chemicals, petrochemicals, plastics, rubber, textile fibers, and chemicals used in the textile industry, the minister said.

The second group includes iron, aluminum, brass, machinery, machine components, machine tools, machine tool components, auto parts, and bicycles and bicycle parts.

The third category includes electronic products, electronic materials, and several optical products.

Shih said that negotiations on the text of the pact and its five appendixes have almost been completed and that both sides are currently verifying the contents of the documents.

Hopefully, he said, the pact will be signed in the next meeting between the top negotiators of both sides.

Echoing to President Ma Ying-jeou's statement that various items not included on the list can be added in ensuing bilateral talks, Shih explained that after the formal signing of the ECFA, there will be follow-up discussions concerning trade pacts on both merchandise and services.

The products not covered for the time being will be brought up for discussion at future cross-strait negotiations to be held as early as possible, he added.

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